Seed Bidco has agreed a recommended final cash offer for alternative energy asset manager Gresham House of £11.05 per share.
The acquisition values the entire issued and to be issued share capital of Gresham House at approximately £469.8m on a fully diluted basis and values Gresham House at approximately £440.6m on an enterprise value basis.
The per share price represent a 63% premium on the closing price of £6.80 on the Latest Practicable Date.
The acquisition implies an enterprise value multiple of approximately 15.9 times Gresham House’s EBITDA for the 12-month period ending on 31 December 2022.
The financial terms of the acquisition are final but Bidco reserves the right to increase the price should another firm offer to buy Gresham House for a higher price.